Sacramento Council vote advances arena funds plan

SACRAMENTO, Calif. 
City Council has taken a key step toward financing a new downtown sports arena. The Sacramento Bee reports (
http://bit.ly/s6FP4L
) that the council, in a 7-2 vote, approved a proposal asking companies interested in leasing the city's downtown parking operations to come forward.

Upfront revenue from a parking deal could pick up $200 million to put toward the arena, which is seen as necessary to keep the city's NBA franchise from relocating. It would be the largest chunk of funds for the project, which is expected to cost at least $406 million.

Mayor Kevin Johnson and city officials will try to put the remainder of the funding together in the coming weeks in an attempt to put a full plan together by March 1, a deadline established by the Kings.